October 20, 2021

Coin Tastic

Business Managements for you

Types, Benefits & Importance

A global business plan is required by those entrepreneurs, who are seeking business opportunity internationally....

A global business plan is required by those entrepreneurs, who are seeking business opportunity internationally. The manager’s command of the national language (s) in a market must be greater than simple word recognition. Consider how dramatically different English terms can be when used in Australia the United Kingdom or the United States. In negotiations, U.S. delegates tabling a proposal mean that they want to delay a decision, while their British counterparts understand the expression to mean that immediate action is to be taken. If the British promise something by the end of the day, this does not mean within 24 hours but rather when they have completed the job. Additionally, they may say that negotiations bombed meaning that they were a success, which to an American could convey exactly the opposite message. Similar problems occur with other languages and markets. Swedish is spoken as a mother tongue by 8 percent of the population in Finland, where it has idioms that are not well understood by Swedes.

Organizations that have been the most successful in the implementing DSS have much in common. They have well established, well controlled and well structured data processing system which provides transaction processing data necessary for DSS. Such organizations have spent extra money and personnel necessary to maintain a research and development focus. All the departments in the organization have communicated with central groups of computer. The entire departments have sufficient confidence to initiate and manage systems projects. The central computer groups have several people on its staff that either came from all other departments’. Education and training programs are used by the organizations to build mutual understanding between departments and the computer group.

A nascent entrepreneur is someone in the process of establishing a business venture. 78 In this observation, the nascent entrepreneur can be seen as pursuing an opportunity , i.e. a possibility to introduce new services or products, serve new markets, or develop more efficient production methods in a profitable manner. 79 80 But before such a venture is actually established, the opportunity is just a venture idea. 81 In other words, the pursued opportunity is perceptual in nature, propped by the nascent entrepreneur’s personal beliefs about the feasibility of business management the venturing outcomes the nascent entrepreneur seeks to achieve. 82 83 84 Its prescience and value cannot be confirmed ex ante but only gradually, in the context of the actions that the nascent entrepreneur undertakes towards establishing the venture, 85 Ultimately, these actions can lead to a path that the nascent entrepreneur deems no longer attractive or feasible, or result in the emergence of a (viable) business. In this sense, over time, the nascent venture can move towards being discontinued or towards emerging successfully as an operating entity.

While teaching the importance of competition to management students, I always ask them, “Assume you are the CEO of Maruti Suzuki, a leading automobile company in India. Now tell us what business you are in?” The answers I get are usually are mostly the obvious one, that is, automobiles, four wheelers and cars. And when I ask them a follow up question as to who their competitors are, they name all the car manufacturers. According to Levitt, it is this way of narrowly defining what business you are in that leads to downfall of a large number of companies. Taking Levitt’s theory into consideration, Maruti is in the business of “transportation of people.” The benefit that customers receive from using cars is that they can transport themselves to a destination of their choice. As such, Maruti should consider itself to be a part of the transportation industry, not just as a part of the automobile industry.